IndusInd Bank, private sector lender partners with Indraprastha Gas Limited (IGL) to aid in the acceptance of the digital rupee, the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) created last year.
According to the bank’s regulatory filing, this agreement will allow customers at select IGL stations in Delhi NCR to make payments in digital rupees, promoting the use and acceptance of India’s own digital currency.
“Through the UPI interoperability, customers can scan any UPI QR using their Digital Rupee App across all IGL stations. As one of the pilot banks participating in the RBI’s CBDC initiative, IndusInd Bank believes in the value added by CBDC and aims to provide a seamless and comprehensive payment experience to its customers through the use of digital currency,”Sumant Kathpalia, managing director and CEO of IndusInd Bank, said.
“The adoption of CBDC is a significant step in reshaping the financial landscape. We believe that the Digital Rupee, with its blockchain technology, fortifies financial services, by offering faster, convenient, and secure transactions. With the introduction of UPI interoperability, Digital Rupee is poised to become another significant platform contributing towards a ‘cashless’ economy.”
The bank further stated that the Digital Rupee solution is available on both iOS and Android platforms, assuring a user-friendly experience and a variety of features such as peer-to-peer (P2P) and peer-to-merchant (P2M) payments with full UPI QR interoperability.
“This initiative is the right step in enabling secure, inclusive, sustainable and efficient mode of digital transaction which will further strengthen India’s position in the global economy,” Kamal Kishore Chatiwal, managing director of IGL, said.